Thread: Welcome Finance & PPI

Originally Posted by lottieapple

Before I start please let me apologise for another Welcome Finance Post.

In August 2008 I took out a loan with Welcome Finance, at the time they talked me through there terms and conditions over the telephone. I did say to them that I was not sure about taking out their PPI but I was told that if I didn't want it I did not have to sign that part of the loan agreement. By the time I received the agreement I was sure I didn't want their PPI so I signed the loan agreement but not the part where I was agreeing to the PPI. A couple of days later I was told that as I has not completed the agreement correctly they would send it back to me and I told them that I hadn't signed the PPI section because I did not want it and wasn't accepting the terms. I was then told that this was wrong and that if I didn't sign this section the offer of the loan would be invalid - stupidly I agreed to sign the missing sections when I received the paperwork back - I was caught in a hole and really needed the money.

Do I have any way of getting any money back? I have been paying the loan for 11 months now and have another 13 months left but I have had to finish work and therefore the PPI orginially sold is of no use to me at all. The circumstances of me finishing work due to family committments also means I can not claim.

ANy thoughts would be appreciated.

Hello lottie,


Yes you have every chance IMO of getting your PPI money back

firstly do you have a copy of the Consumer Credit Agreement? and any or the other paperwork associated with the Welcome finance loan such as terms and conditions statements etc?

If the answer is no you will need to read here and gather information from these links...

Please have a read through the following.

Full SAR for ppi

Data Protection Act 1998 - Subject access request

You should specifically request the following documents:

A true copy of your Consumer Credit Agreement with the terms and conditions that were applicable at the time you took the loan.

Copies of all statements applicable to the loan.

Copies of all correspondence that apply to you as a data subject ie letters, emails, faxes etc.

Copies of all recorded telephone calls or transcripts of the recordings.

A copy of the needs and wants/ customer duty of care questionnaire... here is an example.

http://wwwa.mbna.co.uk/insurance/files/CP0608_INSU_MB_LP_S.pdf

Copies of any notes made by any staff in their dealings with you.

Also have a look in these links for further help.

PPI - Some Notes for Claimants..

links within this one are loads more links here are a couple that may help..

For claims before 2005 and the FSA ruling from which campaign
How to tell if you’ve been mis-sold PPI

Quick check: were you mis-sold? - How to tell if you’ve been mis-sold PPI

THIS LINK IS IMPORTANT TO YOU ON RECLAIMING IT IS FROM 2001 FROM THE fos
loan payment protection insurance and a quote from this link...


Quote:
When determining whether a policy is suitable, a seller – whether a lender or an agent for the insurer – must obviously take into consideration any information the prospective policyholder volunteers. However, we do not consider the seller’s duty is limited simply to recording what the borrower discloses. It is only by asking questions that the seller can properly determine suitability. These questions cannot cover every aspect of a borrower’s personal position and should not be expected to do so. To paraphrase the ABI Statement, only those matters deemed to be relevant by the insurer should be the subject of questions.
The Subject access request will cost £10.00 but it should get you all the data on the loan.

Have a look around for cheaper PPI you can google moneysavingexpert and you should find cheaper PPI insurance on the insurance tab at the top of the site.

If you get little or no response from welcome finance then complain to the FOS, ICO, OFT and make the complaint strongly worded so they take note.

There is a lot of stuff here, it took me 12 months from start to finish but I did get my money back.

Here is some information on welcome from these two sites...

WebCHeck - Select and Access Company Information

type in the company name and hit the search button

FSA Register

on this one type in the firm name and hit the submit button everything in red is links to more information on the company.


I hope all of the above helps I know there is a lot of information but better to be prepared on reclaiming as they will try and fob you off, tell you that you are wrong and generally mislead you once you start your claim.

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Post up when you have updates

aa